Hiring Drastically Slowed In U.S. In May
Sunday, June 5th, 2016 -- 11:19 AM
U.S. employers drastically slowed their hiring in May, adding just 38,000 jobs, the fewest in more than 5 years and a sign of concern after the economy barely grew in the first three months of the year.At the same time, the unemployment rate tumbled to 4.7 percent from 5 percent, the Labor Department said Friday, its lowest point since November 2007. The rate fell for a problematic reason: Nearly a half-million jobless Americans stopped looking for work and so were no longer officially counted as unemployed.
The much-weaker-than-expected jobs report will raise doubts that the Federal Reserve will increase the short-term interest rate it controls at its next meeting in mid-June or perhaps even at its subsequent meeting in late July. Many analysts had expected an increase by July.
Feel free to contact us with questions and/or comments.